…MD moves to unlock finance for over 30 million women farmers

The Bank of Agriculture (BOA) has declared that empowering Nigeria’s millions of women farmers through targeted financing and investment is critical to achieving the Federal Government’s ambition of building a $1 trillion economy, as it moves to partner with the Federal Ministry of Women Affairs to unlock economic opportunities for women across the agricultural value chain.

This formed the core of discussions when the Managing Director and Chief Executive Officer of the Bank of Agriculture, Ayodeji Oludare Sotinrin, led the bank’s management team on a courtesy visit to the Minister of Women Affairs Imaan Sulaiman-Ibrahim, at the Ministry’s headquarters in Abuja.

Addressing the Minister and senior officials, Sotinrin said women constitute nearly half of Nigeria’s agricultural workforce and therefore remain indispensable to efforts aimed at ensuring food security, reducing poverty, and accelerating economic growth.

According to him, with an estimated 70 percent of Nigerians engaged directly or indirectly in agriculture, women account for between 35 million and 50 million participants in the sector, making them a powerful economic force that must be supported through deliberate financing and investment programmes.

“We believe that is a critical mass that cannot be ignored if Nigeria is to achieve food sovereignty, increase agricultural productivity and attain its goal of becoming a one-trillion-dollar economy,” he said.

The BOA boss disclosed that the bank is repositioning itself to provide greater support for women, youths, persons with disabilities and internally displaced persons through innovative financing models designed to address longstanding barriers to access to credit.

He noted that unlike traditional lending systems that often exclude rural women because of collateral requirements, BOA is leveraging technology and structured partnerships to provide financing, financial inclusion and market access to smallholder farmers.

Sotinrin expressed particular interest in the Ministry’s Women Agricultural Empowerment (WAVE) Programme and the Nigerian for Women Project Scale-Up, describing both initiatives as sustainable interventions capable of lifting millions of women out of multidimensional poverty.

“We are very interested in the WAVE programme because it aligns with our vision of empowering women through sustainable financing. These are the kinds of programmes that can improve livelihoods, raise socioeconomic status and create lasting economic opportunities for women and their families,” he said.

He further proposed the establishment of sustainable revolving financing structures that would allow funds repaid by beneficiaries to be reinvested in empowering more women, thereby ensuring long-term impact beyond government tenures.

Sotinrin maintained that women have consistently demonstrated strong repayment records and financial discipline, making them reliable partners for development financing.

Responding, the Minister of Women Affairs welcomed the proposed partnership, describing BOA as the “missing link” needed to bridge the financing gap confronting millions of women seeking to expand their agricultural and business ventures.

She observed that while women possess the skills, determination and entrepreneurial drive to succeed, access to affordable finance remains one of the biggest challenges limiting their growth and contribution to national development.

“The more you speak, the more excited I become because you are answering a prayer. We have women who are ready to grow and expand their businesses, but without the right financial support, we cannot achieve the scale we are aiming for,” she said.

The Minister revealed that the Ministry has already begun testing models under the WAVE initiative, with over 33,000 women expressing interest in accessing business support through one implementing partner in less than a month.

She cited numerous success stories from the Nigerian for Women Project Scale-Up, particularly among women engaged in farming, agro-processing and small-scale manufacturing, while stressing the need to expand such opportunities nationwide.

Beyond access to finance, she identified land ownership as a major obstacle facing women farmers, noting that many women cultivate farms owned by others and lack the assets required to grow sustainable agribusinesses.

According to her, collaboration between the Ministry, BOA, state governments and relevant agencies could help address both financing and land access challenges while promoting value addition, processing, storage and export opportunities for women-led enterprises.

The Minister emphasized that women do not require handouts but strategic investments capable of unlocking their productive potential.

“Women do not need a handout; they need a hand up. They need investment. Nigerian women have shown time and again that when given opportunities, they succeed and create impact not only for themselves but for their families and communities,” she stated.

Both parties agreed to immediately commence technical engagements aimed at developing an implementation framework for the proposed partnership, with a timeline of one week to produce actionable recommendations.

The emerging collaboration is expected to strengthen efforts to increase women’s participation in agriculture, improve food production, create jobs and expand economic opportunities for millions of Nigerian women, while supporting the country’s broader economic transformation agenda.